Miami s population is 6.2M, with a total workforce of 2.7M. The labor market grew by 46,500 jobs over the past year, up by 1.7%. The median household income in Miami is $58,773, 4.3% higher than last year and 7.0% below the national average of $63,179.
In the housing market, total permits issued totaled 22,383 over the last twelve months, up 11.6% year-over-year. Miami has 288 active new home projects on the market, 8.9% fewer than the 316 from last year. The average list price in the market is $632,805, 6.9% higher than last year and 81.7% above the national average. Over the last three months, new home contracts decreased by 7.2% to 1,553. Homestead and Loxahatchee had the highest concentration of the new home contracts in the Miami market.